Canadian Sale Reduces Lowe’s Earnings

Lowe's Companies, Inc. had net earnings of $154 million for the third quarter of 2022, a decrease compared to net earnings of $1,896 million in the third quarter of 2021. The third quarter included a pre-tax non-cash asset impairment charge of $2.1 billion related to the company’s sale of its Canadian retail business. Total sales for the quarter were $23.5 billion compared to $22.9 billion in the prior-year quarter and comparable sales increased 2.2 per cent year-over-year. Comparable sales for the U.S. home improvement business increased three per cent for the third quarter.